MUFG Bank Sets Up IT Biz Subsidiary in India

Economy

Tokyo, Feb. 13 (Jiji Press)--MUFG Bank said Thursday it has set up an information technology system development subsidiary in Mumbai, India.

The new company, MUFG Enterprise Solutions India Pte. Ltd., or MES India, will engage in IT system development and operations for the Japanese bank's business footholds in Asia, excluding Japan and China, as well as in Oceania.

It plans to tap the know-how of IT workers in India.

MUFG Bank, the core banking unit of Mitsubishi UFJ Financial Group Inc. <8306>, is slated to transfer part of the work operated by its Singapore office to the Indian company.

MES India has capital of 312 million Indian rupees, or about 500 million yen, and an initial workforce of around 20 workers.

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Jiji Press